Sterling is now looking strong against the euro as the debt crisis on the Continent calls the continued existence of a single European currency into question. But what is happening in countries outside the eurozone?

Australia

The Australian economy has managed to hold off the world economic slowdown. The job market is strong with low unemployment, consumer spending has been high and interest rates are one of the highest among the worlds major economies.

As a result the Australian dollar has soared. This year it has touched a high of 1.83 against the pound compared with its lowest point of 1.58 - a difference of 14 per cent. It's helped by the fact that the currency is backed by the country's rich mining commodities, making it well placed to weather tough times.

John Freeme of HiFXsays: "The one phenomenon we are seeing currently are the clients we term ‘boomerangs’. Those clients who emigrated in 2007 or 2008 when rates were 2.50 and above are now returning home with huge profit from currency fluctuations."

He reckons someone exchanging £250,000 into Australian dollars in October 2008 would be £154,000 better off two years later, if they turned their dollars back into pounds.

If you're a 'boomerang', your timing may well be perfect. As Christina Weisz, director ofCurrency Solutions, explains: "Australia has been one of the few nations hailed for managing to avoid the recession, with the economy’s reliance on mining exports protecting it from global turmoil. But with consumers cutting back on spending, even Australia showed itself to be vulnerable with GDP rising only 0.2 per cent in the third quarter."

New Zealand

The Kiwi economy is not as strong as that across the water in Australia. Jobs are not as freely available and the economy is showing signs of slowing down. The New Zealand dollar has fallen by 2 per cent against sterling over the month. It wasn't helped by ratings agency Standard & Poor's lowering its outlook for New Zealand from stable to negative.

However, Mr Freeme points out that the New Zealand dollar is likely to remain strong, as it tend to track the movements of its "big brother" the Ozzie Dollar. Anyone repatriating dollars back into sterling can take comfort that it has not been this strong since 1984.

Canada

As the sixth largest oil producer in the world, Canada too has avoided the worst of the credit crunch. As a result the Canadian dollar is another commodity-based currency finding itself at its highest level for many years.

But those who have struggled to get their Canadian visas - it can often take as long as five years - are not in such a hurry to return to the UK as their Australia-based counterparts. They are more likely to be "gone for good", says Mr Freeme.

There is another reason why the Canadian dollar is so strong. As Ms Weisz says: "Canada tends to react quite sensitively to changes in the US markets and the US dollar given its close proximity and inter-trading. The recent rises in commodity prices have sent the Canadian dollar higher against aterling over the course of the month. Should the European crisis continue to spiral, the positive effect on the US dollar may also help prop up the Canadian currency. So now is a good time for expats in Canada to consider booking regular transfers home."

America

Until the end of last month, the US dollar languished, unwanted, on the sidelines. As a "safe-haven" currency, popular in times of trouble, it fares less well when investors are optimistic. David Kerns, Dealing Manager atMoneycorp says: "When investors are in upbeat mood they sneer at America's low interest rates and its pedestrian economic performance. But once the situation in the eurozone turned sour, investors became twitchy. All of a sudden, low US interest rates and patchy economic growth became less important than the security of the safe US dollar.

"When the euro looked like it was about to blow up, safety became of the essence. Hand in hand with the need for security went a desire to reduce exposure to riskier assets. Included in that group were company shares and the commodity dollars."

The protracted arrangements for the Irish bail-out brought the dollar in from the cold and reinforced its position as a safe-haven currency to hold. "Without question, the top performer over the last month has been the US dollar," he adds. "It climbed 2.5 per cent higher against the pound, even touching its best level since mid-September at one point. It did not get much help from the economic statistics though. The States is suffering from what commentators are calling a jobless recovery".

The US economy lost more than eight million jobs in a year between the end of 2008 and the end of 2009 and has replaced less than a million of them so far this year. So the dollar still faces an uncertain future.

South Africa

The South African rand has survived well because of considerably higher local interest rates than exist either in Europe or the US. The South African interest rate is currently 5.5 per cent and this is after its Reserve Bank cut the benchmark rate nine times in two years in an attempt to spur spending and to encourage investment from overseas.

As a result, the South African rand has added 1.5 per cent to its value against the pound in the last few weeks.